 What's up trade hackers welcome to today's update happy Wednesday today is April 15th, which normally would signify tax day However due to the extreme situations of the coronavirus going on Those have been delayed until July 15th. So for all you procrastinators who don't like to get your taxes done Probably good for you, right? So hopefully that helps. Let's jump into the trade hacker question today coming today from my main man Oh Why do SPX and SPY perform slightly different? So let's go to the platform and Take a look so you'll notice SPY is at about minus one point six six percent for the day Whereas if you look at SPX, it's down about one point seven three percent So there's always going to be a slight variance between the two So why is that? Well, we know that the size difference, right? We know that SPX is ten times the size of SPY, but that doesn't really tell us a story of why there's the variance the real story is because SPY is an ETF and SPX is simply the S&P 500 index. It's an index So with an ETF you can actually buy and sell shares of SPY whereas you cannot buy and sell shares of SPX We know that we can trade options on the index We can trade options on SPX and we can trade options on SPY But SPY is the only one that you can actually buy and sell shares of because it's an ETF Whereas SPX is actually an index. So Why does that make a difference? So why you know coming back to the original question? Why is there a variance if you go to your Analyze tab and click on fundamentals in thinkorswim. We're looking at SPY Couple things that you'll notice and two of the main reasons that there's always a slight variance is ETFs have what's called an expense ratio So if you're to just buy that you're gonna pay 0.09% so basically less than one tenth of 1% as the annual expense ratio To hold that fund to hold that ETF. So that plays into it. SPX is just the index. It doesn't have an expense ratio second SPY pays a dividend and So that's gonna that's gonna factor into the pricing now if you're trading options on SPY The dividend is just the the price of those options is just Adjusted we talked about that in a couple couple videos ago But that is the main reason you've got the dividend that SPY has and you've got an expense ratio and then You know, remember, I mean SPY is an ETF that tracks the S&P 500 So there is going to be some slight ever so slight tracking error So when I you know with the arbitrageers out there who are trying to scrape portions of pennies off the top as they're providing liquidity to the markets and trading back and forth They're keeping that in line. So there's no discrepancy. And so, you know, SPY, SPX They're the most liquid underlings out there. So there's almost never barely any slight variance. However, that's part of the reason too So it is an ETF tracking the S&P 500 So there's going to be that tiny tiny bit of a slight tracking error from time to time And then we've got the expense ratio and we've got the dividend and that my friends is why you see the slight difference between the two So hopefully that helps. Let's go to the charts and take a look at what's happening in the markets today S&Ps up 57, Dow up 415, NASDAQ up 68 and Russell down. These are all down down down down down today So a big down day actually coming off of the lows. We're down quite a bit more S&Ps. We're down as much as 80 some at one point. So have shed some of those losses, but a decent down day. Nonetheless Oil is pretty flat gold down a little bit Bonds are up pretty sizable up over a percent and a half and then Natty gas down about three and a half percent. So Making some moves in the market if we look at some of the stocks and what's going on there You know, most obviously with the markets down pretty much everything is down But you do have some that are up namely Amazon. No surprise there. I mean, they're they're actually benefiting from this Corona economy that we live in today. If we look at year-to-date, I mean, they've been on fire the last three days But you know, Amazon's up 22% year-to-date in the middle of this recession. You've got Alibaba another online service Doing good today. You've got eBay, you know, that that kind of makes sense people are at home Bitigun stuff apparently googles up a little bit You've got Netflix up 5% Netflix. It's just been on fire too now up 31% year-to-date Lot of people Netflixing and chilling as they're at home I don't know if that was the proper way to say it But Roku another streaming service up big so that makes sense the one that just continues to be baffling is Tesla, right? I mean think about Tesla $100,000 cars, you know, that's usually for times of discretionary income. You think that Discretionary income is not necessarily What everybody's about right now, but nonetheless Tesla exploding Tesla has actually over doubled Let me go back to the price chart on a three-month, you know, it got down to as low as 350 and it's over 700 It has doubled since its bottom. So crazy move in Tesla What else is going on here? Well, we've got earnings You know, I mentioned yesterday that Goldman Sachs was going to announce this morning So they opened up down but have rallied back to up positive on the day Bank of America was the other big bank It's still down About 5% on the day so not massive moves, but but they are out So what's next on the hit list for earnings? Well, we've got UAL United Airlines comes out on the 17th We've got Delta Airlines comes out on I think the 22nd ish. Yeah 22nd So that's the main industry kind of next. We do have some tech starting to announce as well Netflix comes out with their earnings announcement on 421 so coming up here as well. So that's what's going on today. We did not enter any new positions We closed out a portion of our oil trade booked a nice profit on the on that portion of the trade Still trying to get back to profits after that huge Oil crisis slam that we got so nice to start working our way back there Other than that, no new trades. We do want to start entering some iron ducks as the market goes down I was looking at entering one today But can I give it another day see if we can get you know two days in a row back to back to the downside And then we'll start dipping our toes back in the duck hunting season So that's what we got going on everybody. Have a great evening. Talk to you tomorrow You